Definity Financial Corp Records Largest Canadian IPO of 2021

Nov 18, 2021 By MarketDepth

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Definity Financial Corp. announced late on Wednesday, 11-17-2021, that it had raised roughly $1.4 billion in the largest Canadian initial public offering of the year.

$2.1B in Private Placements

Additionally, the company is also selling another $700 million in shares in a private placement to the Healthcare of Ontario Pension Plan and Swiss Re, with the gross proceeds from the Offering and the Cornerstone Private Placements expected to be roughly $2.1 billion.

Underwriting Agreement

The parent company of Economical Insurance, Family Insurance Solutions Inc., Petline Insurance Company, and Sonnet Insurance Company entered into an underwriting agreement for its initial public offering of 63,636,370 common shares, priced at $22 each.

Seventh Largest Provider of Insurance

Definity is the seventh-largest provider of property and casualty insurance in Canada and its shares will be listed on the Toronto Stock Exchange under the symbol “DFY.”